TNR Gold TNR.v performs cash flow management by keeping the option open to renegotiation on this property.
"VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2009) - TNR Gold Corp. (TSX VENTURE:TNR - News; PINK SHEETS:TRRXF - News; "TNR" or the "Company") is pleased to provide an update on the Eureka project, a copper-gold prospect located in the province of Jujuy, Argentina.
On April 15, 2009 the Company accepted an irrevocable offer from Antonio Giulianotti ("property optionor") and Soltera Mining Corp. ("Soltera") to amend the terms of the option agreement dated March 21, 2007. TNR was originally granted a right to acquire a 75% interest in the Eureka property by expending US$2,650,000 in exploration by April 30,2010 and making option payments of US$350,000 (US$200,000 paid) by December 19, 2008.
The amended agreement suspends the US$150,000 payment due from December 19, 2008 to December 19,2009 provided TNR pays the property optionor US$20,000 upon acceptance of the offer and four payments of US$10,000 on or before the 19th day of May, July, September and November of 2009. The Company must also pay the expenses needed to keep the property in good standing.The property optionor and Soltera will continue to be bound by the original agreement until December 18, 2009 at which time TNR will have the sole option to return the property and terminate the original agreement or renegotiate the terms of the original agreement. All payments made by TNR pursuant to the amended agreement will be applied to the option payments in any renegotiated agreement.
THE EUREKA PROJECT
The 10,192.34 hectare Eureka property is located in the northwest corner of Jujuy Province in northern Argentina, near the border with Bolivia. The property is accessible from the provincial capital of San Salvador de Jujuy, approximately 4 hours to the south, and easy access within the property by a series of gravel roads.
ABOUT TNR
TNR is a diversified metals exploration company focused on identifying new prospective projects globally with 19 properties currently in its portfolio.
The recent acquisition of Lithium projects in Canada confirms the company's commitment to project generation, market diversity, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President."
On April 15, 2009 the Company accepted an irrevocable offer from Antonio Giulianotti ("property optionor") and Soltera Mining Corp. ("Soltera") to amend the terms of the option agreement dated March 21, 2007. TNR was originally granted a right to acquire a 75% interest in the Eureka property by expending US$2,650,000 in exploration by April 30,2010 and making option payments of US$350,000 (US$200,000 paid) by December 19, 2008.
The amended agreement suspends the US$150,000 payment due from December 19, 2008 to December 19,2009 provided TNR pays the property optionor US$20,000 upon acceptance of the offer and four payments of US$10,000 on or before the 19th day of May, July, September and November of 2009. The Company must also pay the expenses needed to keep the property in good standing.The property optionor and Soltera will continue to be bound by the original agreement until December 18, 2009 at which time TNR will have the sole option to return the property and terminate the original agreement or renegotiate the terms of the original agreement. All payments made by TNR pursuant to the amended agreement will be applied to the option payments in any renegotiated agreement.
THE EUREKA PROJECT
The 10,192.34 hectare Eureka property is located in the northwest corner of Jujuy Province in northern Argentina, near the border with Bolivia. The property is accessible from the provincial capital of San Salvador de Jujuy, approximately 4 hours to the south, and easy access within the property by a series of gravel roads.
ABOUT TNR
TNR is a diversified metals exploration company focused on identifying new prospective projects globally with 19 properties currently in its portfolio.
The recent acquisition of Lithium projects in Canada confirms the company's commitment to project generation, market diversity, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President."
"Copper Mineralization at Eureka.
The deposit is similar in style to major copper deposits in the Bolivian part of the Tertiary Belt. A geological estimate in the late 1990's (historic resources estimate which is not compliant with modern standards such as NI-43-101) was 50 to 60 million tons grading 1% copper. Only 70 m of the 450 m deep prospective Eureka formation has been explored to date, which leaves extensive upside potential. TNR Gold Corp. (“TNR”), a Canadian mining company listed on the TSX with extensive experience in Argentina, has entered into an option agreement with Soltera to acquire a 75% interest in the property by spending a total of US$3,000,000 in exploration and option payments before April 20, 2010. TNR will undertake detailed geological mapping, geochemical and geophysical surveys, trenching, sampling the historic underground workings and drilling. Soltera is not required to incur any expenditure on the project at the present time. Real de Cananea, Mexico (gold, mining claims option on 1,030 hectares) is located in Sonora State 26 km from the Cananea copper mine owned by Peñoles. It contains a gold-bearing fault zone up to 270 m wide and more than 400 m long within Cretaceous volcanic rocks that are intensely altered and carry gold. There is a small old mine in the center of the property that was probably first worked by the Mayans and certainly by the Spaniards, with several shafts reaching 100 m below surface. The hard wallrock was mined with enormous effort and this, together with the fact that water had to be transported 8 km, indicates the importance of the mineralisation. Gold is widespread on the property, with altered rocks showing up to 65 gpt. Soltera conducted a stream sediment survey over the area in 2008, which showed a particularly strong and broad anomaly covering approximately 2 square kilometers. This anomaly warrants further test work. Soltera's target is a large-scale open pit and the area is broad enough to accommodate well in excess of 1 million ounces. Geochemical, geological and geophysical surveys will be used to define drill targets. The option agreement over this property is currently being renegotiated. Casita Colorada, Mexico (mining claims option on 150 hectares) is a large mineralized shear zone worked since the end of the 1800s for gold. Soltera has carried out geochemical sampling, but the results are still being assessed. The mineralized zone is at least 400 m long and 150 m wide and there is potential for a substantial gold deposit; however, the project is being held in reserve so that the company can concentrate on El Torno. The option agreement over this property is currently being renegotiated. All the exploration projects are run personally by Soltera's President, Dr. Fabio Montanari, who is living in Argentina and has a hands-on approach to the operations with frequent visits to Mexico. With the Eureka base metal project already farmed out, Soltera will focus its exploration efforts on gold, particularly the large-scale El Torno project."
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